We would like an economy without harm to people or the environment
Apr 12 2023
3 minutes
A poll by YouGov together with civil society organisations, including 11.11.11, shows that Belgians are strong supporters of European due diligence legislation. This legislation can hold companies and financial institutions accountable for violations of human and climate rights caused by players in their value chain.
Workers who were forced to work inhumane hours under threat and physical abuse on a Brazilian vineyard. Massive deforestation from rainforest in Ghana and Ivory Coast for chocolate from Nestlé and Callebaut. Drivers for a supplier of AB Inbev, migrants from poor countries such as Venezuela and Haiti, who have to drive from 4am to midnight under the threat of a blaring alarm when they stop.
Practices like these come to light on a regular basis. The companies involved apologize and promise to do better in the future. In some cases, they are fined by local law or sued by NGOs. A European Duty of Care Act is pressing, and Belgium also appears to support this.
Poll
In a YouGov poll, 61% of Belgians said they would support legislation that would make it easier for people affected by the consequences of climate change to take companies that emit large amounts of greenhouse gases to court.
Nearly two out of three Belgians (64%) want banks to be held accountable for human rights violations and climate and environmental damage by companies they invest in or lend money to. 7 out of 10 Belgians also agree with a directive that requires companies to reduce their total greenhouse gas emissions.
Also, 80% of Belgians indicate that they are in favor of EU regulations that oblige companies to reduce their greenhouse gas emissions in order to achieve the UN target of limiting global warming to 1,5 degrees.
banks
When it comes to damage to people or the climate, people often only think of producers of goods, while financial institutions are also guilty of this. For example, BNP Paribas recently received the 'fuck the future' award as the biggest polluter.
In practical research that FairFin conducted in 2021 on the cocoa sector BNP Paribas is emerging as a major financier of companies involved in all kinds of abuses. Child labor, exploitation and land grabbing were all present in the supply chains of companies that the bank finances. It also continues to invest in companies that extract or produce coal, oil and gas. And BNP Paribas is one of the largest funders for various oil companies such as Shell and Repsol.
Stemming
A decisive vote on such a matter will take place on April 24 and 25 Duty of Care Act place in the European Parliament. The Committee on Legal Affairs (JURI), which is leading the discussions in the nine different parliamentary committees involved, will then discuss the text. The final plenary vote on the European Parliament's position on the proposed directive is scheduled for the end of May.
Since the proposed directive was submitted to the European Parliament, according to the European Coalition for Corporate Justice various financial institutions have spent at least 100 million euros lobbying the EU. Countries such as France have lobbied to exclude the financial sector from this future EU legislation.
